SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13(d)-2(a)
(Amendment No. 1)(1)
USWEB CORPORATION
- --------------------------------------------------------------------------------
(Name of issuer)
COMMON STOCK $.001 PAR VALUE
- --------------------------------------------------------------------------------
(Title of class of securities)
917327 10 8
- --------------------------------------------------------------------------------
(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME & ROSENZWEIG LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
- --------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
August 14, 1998
- --------------------------------------------------------------------------------
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box / /.
Note. Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page of 43 Pages)
- --------
(1) The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 2 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,644,199(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
150,383(2) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,644,199(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
150,383(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,794,582(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 110,710 shares of Common Stock issuable upon exercise of
currently exercisable warrants.
(2) Consists of (i) 140,321 shares of Common Stock and (ii) 10,062 shares
of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley Foreign. Wheatley disclaims beneficial
ownership of these securities.
<PAGE>
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CUSIP No. 917327 10 8 13D Page 3 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Barry Rubenstein
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, 00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 34,623 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
2,689,179(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
34,623 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,689,179(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,723,802(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 1,533,489 shares of Common Stock and (ii) 110,710
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley, (b)(i) 140,321 shares of Common Stock and
(ii) 10,062 shares of Common Stock issuable upon exercise of currently
exercisable warrants held by Wheatley Foreign, (c)(i) 359,436 shares of
Common Stock and (ii) 136,473 shares of Common Stock issuable upon
exercise of currently exercisable warrants held by 21st Century, (d)(i)
122,229 shares of Common Stock and (ii) 46,417 shares of Common Stock
issuable upon exercise of currently exercisable
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 4 of 43 Pages
- ----------------------------- ------------------------------
warrants held by 21st Century T-E, (e)(i) 48,489 shares of Common Stock
and (ii) 18,398 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by 21st Century Foreign and (f)
163,155 shares of Common Stock held by Woodland Partners. Mr.
Rubenstein disclaims beneficial ownership of these securities except to
the extent of his respective equity interest therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 5 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Irwin Lieber
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 34,623 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
2,526,024(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
34,623 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,526,024(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,560,647(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 1,533,489 shares of Common Stock and (ii) 110,710
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley, (b)(i) 140,321 shares of Common Stock and
(ii) 10,062 shares of Common Stock issuable upon exercise of currently
exercisable warrants held by Wheatley Foreign, (c)(i) 359,436 shares of
Common Stock and (ii) 136,473 shares of Common Stock issuable upon
exercise of currently exercisable warrants held by 21st Century, (d)(i)
122,229 shares of Common Stock and (ii) 46,417 shares of Common Stock
issuable upon exercise of currently exercisable
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 6 of 43 Pages
- ----------------------------- ------------------------------
warrants held by 21st Century T-E and (e)(i) 48,489 shares of Common
Stock and (ii) 18,398 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by 21st Century Foreign. Mr. Lieber
disclaims beneficial ownership of these securities except to the extent
of his respective equity interest therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 7 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Barry Fingerhut
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
2,526,024(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,526,024(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,526,024(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 1,533,489 shares of Common Stock and (ii) 110,710
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley, (b)(i) 140,321 shares of Common Stock and
(ii) 10,062 shares of Common Stock issuable upon exercise of currently
exercisable warrants held by Wheatley Foreign, (c)(i) 359,436 shares of
Common Stock and (ii) 136,473 shares of Common Stock issuable upon
exercise of currently exercisable warrants held by 21st Century, (d)(i)
122,229 shares of Common Stock and (ii) 46,417 shares of Common Stock
issuable upon exercise of currently exercisable
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 8 of 43 Pages
- ----------------------------- ------------------------------
warrants held by 21st Century T-E and (e)(i) 48,489 shares of Common
Stock and (ii) 18,398 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by 21st Century Foreign. Mr.
Fingerhut disclaims beneficial ownership of these securities except to
the extent of his respective equity interest therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 9 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Partners, LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
1,794,582(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,794,582(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,794,582(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 1,533,489 shares of Common Stock and (ii) 110,710
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley and (b)(i) 140,321 shares of Common Stock and
(ii) 10,062 shares of Common Stock issuable upon exercise of currently
exercisable warrants held by Wheatley Foreign. Wheatley LLC disclaims
beneficial ownership of these securities except to the extent of its
respective equity interest therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 10 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Seth Lieber
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 11,541 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
1,794,582(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
11,541 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,794,582(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,806,123(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 1,533,489 shares of Common Stock and (ii) 110,710
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley and (b)(i) 140,321 shares of Common Stock and
(ii) 10,062 shares of Common Stock issuable upon exercise of currently
exercisable warrants held by Wheatley Foreign. Mr. Lieber disclaims
beneficial ownership of these securities except to the extent of his
respective equity interest therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 11 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Jonathan Lieber
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 11,541 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
1,794,582(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
11,541 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,794,582(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,806,123(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 1,533,489 shares of Common Stock and (ii) 110,710
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley and (b)(i) 140,321 shares of Common Stock and
(ii) 10,062 shares of Common Stock issuable upon exercise of currently
exercisable warrants held by Wheatley Foreign. Mr. Lieber disclaims
beneficial ownership of these securities except to the extent of his
respective equity interest therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 12 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Management Ltd.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Cayman Islands, B.W.I.
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
150,383(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
150,383(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
150,383(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 140,321 shares of Common Stock and (ii) 10,062 shares
of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley Foreign. Wheatley Management disclaims
beneficial ownership of these securities except to the extent of its
respective equity interest therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 13 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Foreign Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 150,383(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
1,644,199(2) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
150,383(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,644,199(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,794,582(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 10,062 shares of Common Stock issuable upon the exercise of
currently exercisable warrants.
(2) Consists of (i) 1,533,489 shares of Common Stock and (ii) 110,710
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley. Wheatley Foreign disclaims beneficial
ownership of these securities except to the extent of its respective
equity interest therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 14 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Woodland Partners
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 163,155 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
0 shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
163,155 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
163,155 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 15 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Marilyn Rubenstein
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
163,155(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
163,155(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
163,155(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of 130,612 shares of Common Stock held by Woodland Partners.
Mrs. Rubenstein disclaims beneficial ownership of these securities
except to the extent of her equity interest therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 16 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
21st Century Communications Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 495,909(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
235,533(2) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
495,909(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
235,533(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
731,442(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 136,473 shares of Common Stock issuable upon exercise of
currently exercisable warrants.
(2) Consists of (a)(i) 122,229 shares of Common Stock and (ii) 46,417
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century T-E and (b)(i) 48,489 shares of Common
Stock and (ii) 18,398 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by 21st Century Foreign. 21st
Century disclaims beneficial ownership of these securities.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 17 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
21st Century Communications T-E Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 168,646(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
562,796(2) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
168,646(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
562,796(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
731,442(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 46,417 shares of Common Stock issuable upon exercise of
currently exercisable warrants.
(2) Consists of (a)(i) 359,436 shares of Common Stock and (ii) 136,473
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century Partners and (b)(i) 48,489 shares of
Common Stock and (ii) 18,398 shares of Common Stock issuable upon
exercise of currently exercisable warrants held by 21st Century
Foreign. 21st Century T-E disclaims beneficial ownership of these
securities.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 18 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
21st Century Communications Foreign Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 66,887(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
664,555(2) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
66,887(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
664,555(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
731,442(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 18,398 shares of Common stock issuable upon exercise of
currently exercisable warrants.
(2) Consists of (a)(i) 359,436 shares of Common Stock and (ii) 136,473
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century Partners and (b)(i) 122,229 shares of
Common Stock and (ii) 46,417 shares of Common Stock issuable upon
exercise of currently exercisable warrants held by 21st Century T-E.
21st Century Foreign disclaims beneficial ownership of these
securities.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 19 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Sandler Investment Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
731,442(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
731,442(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
731,442(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 359,436 shares of Common Stock and (ii) 136,473
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century Partners, (b)(i) 122,229 shares of Common
Stock and (ii) 46,417 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by 21st Century T-E and (c)(i)
48,489 shares of Common Stock and (ii) 18,398 shares of Common Stock
issuable upon exercise of currently exercisable warrants held by 21st
Century Foreign. Sandler Investment disclaims beneficial ownership of
these securities except to the extent of its respective equity interest
therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 20 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Sandler Capital Management
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
731,442(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
731,442(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
731,442(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 359,436 shares of Common Stock and (ii) 136,473
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century Partners, (b)(i) 122,229 shares of Common
Stock and (ii) 46,417 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by 21st Century T-E and (c)(i)
48,489 shares of Common Stock and (ii) 18,398 shares of Common Stock
issuable upon exercise of currently exercisable warrants held by 21st
Century Foreign. Sandler Capital disclaims beneficial ownership of
these securities except to the extent of its respective equity interest
therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 21 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ARH Corp.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
731,442(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
731,442(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
731,442(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 359,436 shares of Common Stock and (ii) 136,473
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century Partners, (b)(i) 122,229 shares of Common
Stock and (ii) 46,417 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by 21st Century T-E and (c)(i)
48,489 shares of Common Stock and (ii) 18,398 shares of Common Stock
issuable upon exercise of currently exercisable warrants held by 21st
Century Foreign. ARH Corp. disclaims beneficial ownership of these
securities except to the extent of its respective equity interest
therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 22 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ALSI, LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
731,442(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
731,442(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
731,442(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 359,436 shares of Common Stock and (ii) 136,473
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century Partners, (b)(i) 122,229 shares of Common
Stock and (ii) 46,417 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by 21st Century T-E and (c)(i)
48,489 shares of Common Stock and (ii) 18,398 shares of Common Stock
issuable upon exercise of currently exercisable warrants held by 21st
Century Foreign. ALSI, LLC disclaims beneficial ownership of these
securities except to the extent of its respective equity interest
therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 23 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MJDM Corp.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
731,442(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
731,442(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
731,442(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 359,436 shares of Common Stock and (ii) 136,473
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century Partners, (b)(i) 122,229 shares of Common
Stock and (ii) 46,417 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by 21st Century T-E and (c)(i)
48,489 shares of Common Stock and (ii) 18,398 shares of Common Stock
issuable upon exercise of currently exercisable warrants held by 21st
Century Foreign. MJDM Corp. disclaims beneficial ownership of these
securities except to the extent of its respective equity interest
therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 24 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Four JK Corp.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
731,442(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
731,442(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
731,442(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 359,436 shares of Common Stock and (ii) 136,473
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century Partners, (b)(i) 122,229 shares of Common
Stock and (ii) 46,417 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by 21st Century T-E and (c)(i)
48,489 shares of Common Stock and (ii) 18,398 shares of Common Stock
issuable upon exercise of currently exercisable warrants held by 21st
Century Foreign. Four JK Corp. disclaims beneficial ownership of these
securities except to the extent of its respective equity interest
therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 25 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
InfoMedia Associates, Ltd.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
731,442(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
731,442(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
731,442(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 359,436 shares of Common Stock and (ii) 136,473
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century Partners, (b)(i) 122,229 shares of Common
Stock and (ii) 46,417 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by 21st Century T-E and (c)(i)
48,489 shares of Common Stock and (ii) 18,398 shares of Common Stock
issuable upon exercise of currently exercisable warrants held by 21st
Century Foreign. InfoMedia Associates disclaims beneficial ownership of
these securities except to the extent of its respective equity interest
therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 26 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Harvey Sandler
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
731,442(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
731,442(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
731,442(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 359,436 shares of Common Stock and (ii) 136,473
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century Partners, (b)(i) 122,229 shares of Common
Stock and (ii) 46,417 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by 21st Century T-E and (c)(i)
48,489 shares of Common Stock and (ii) 18,398 shares of Common Stock
issuable upon exercise of currently exercisable warrants held by 21st
Century Foreign. Mr. Sandler disclaims
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 27 of 43 Pages
- ----------------------------- ------------------------------
beneficial ownership of these securities except to the extent of his
respective equity interest therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 28 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Andrew Sandler
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
731,442(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
731,442(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
731,442(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 359,436 shares of Common Stock and (ii) 136,473
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century Partners, (b)(i) 122,229 shares of Common
Stock and (ii) 46,417 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by 21st Century T-E and (c)(i)
48,489 shares of Common Stock and (ii) 18,398 shares of Common Stock
issuable upon exercise of currently exercisable warrants held by 21st
Century Foreign. Mr. Sandler disclaims
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 29 of 43 Pages
- ----------------------------- ------------------------------
beneficial ownership of these securities except to the extent of his
respective equity interest therein.
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 30 of 43 Pages
- ----------------------------- ------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Michael Marocco
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
731,442(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
731,442(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
731,442(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 359,436 shares of Common Stock and (ii) 136,473
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century Partners, (b)(i) 122,229 shares of Common
Stock and (ii) 46,417 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by 21st Century T-E and (c)(i)
48,489 shares of Common Stock and (ii) 18,398 shares of Common Stock
issuable upon exercise of currently exercisable warrants held by 21st
Century Foreign. Mr. Marocco disclaims
<PAGE>
- ----------------------------- ------------------------------
CUSIP No. 917327 10 8 13D Page 31 of 43 Pages
- ----------------------------- ------------------------------
beneficial ownership of these securities except to the extent of his
respective equity interest therein.
<PAGE>
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CUSIP No. 917327 10 8 13D Page 32 of 43 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
John Kornreich
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
731,442(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
731,442(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
731,442(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a)(i) 359,436 shares of Common Stock and (ii) 136,473
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century Partners, (b)(i) 122,229 shares of Common
Stock and (ii) 46,417 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by 21st Century T-E and (c)(i)
48,489 shares of Common Stock and (ii) 18,398 shares of Common Stock
issuable upon exercise of currently exercisable warrants held by 21st
Century Foreign. Mr. Kornreich disclaims
<PAGE>
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CUSIP No. 917327 10 8 13D Page 33 of 43 Pages
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beneficial ownership of these securities except to the extent of his
respective equity interest therein.
<PAGE>
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CUSIP No. 917327 10 8 13D Page 34 of 43 Pages
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The following constitutes Amendment No. 1 to the Schedule 13D
filed by the undersigned (the "Schedule 13D"). Except as specifically amended by
this Amendment No. 1, the Schedule 13D remains in full force and effect.
Item 3 is amended in it's entirety to read as follows:
Item 3. Source and Amount of Funds or Other Consideration.(2)
The aggregate purchase price of the 1,644,199 shares of Common
Stock (including 110,710 shares issuable upon exercise of currently exercisable
warrants at an exercise price of $7.50 per share, subject to adjustment) held by
Wheatley is $7,334,470.75 (including the value of a cashless exercise of
warrants issued by Gray Peak Technologies, Inc. ("Gray Peak") prior to the
Merger (as hereinafter defined)) and were acquired with its working capital and
its other funds.
The aggregate purchase price of the 150,383 shares of Common
Stock (including 10,062 shares issuable upon exercise of currently exercisable
warrants at an exercise price of $7.50 per share, subject to adjustment) held by
Wheatley Foreign is $665,530.57 (including the value of a cashless exercise of
warrants issued by Gray Peak prior to the Merger) and were acquired with its
working capital and its other funds.
The aggregate purchase price of the 163,155 shares of Common
Stock held by Woodland Partners is $700,000 (including the value of a cashless
exercise of warrants issued by Gray Peak prior to the Merger) and were acquired
with its working capital and other funds.
The aggregate purchase price of the 495,909 shares of Common
Stock (including 136,473 shares issuable upon exercise of currently exercisable
warrants at an exercise price of $7.50 per share) held by 21st Century Partners
is approximately $2,463,676.10 and were acquired with its working capital and
its other funds.
The aggregate purchase price of the 168,646 shares of Common
Stock (including 46,417 shares issuable upon exercise of currently exercisable
warrants at an exercise price of $7.50 per share) held by 21st Century T-E is
approximately $837,831.16 and were acquired with its working capital and its
other funds.
The aggregate purchase price of the 66,887 shares of Common
Stock (including 18,398 shares issuable upon exercise of currently exercisable
warrants at an exercise price of $7.50 per share) held by 21st Century Foreign
is approximately $332,293.70 and were acquired with its working capital and its
other funds.
Barry A. Rubenstein, Irwin Lieber, Seth Lieber and Jonathan
Lieber acquired 34,623, 34,623, 11,541 and 11,541 shares of Common Stock upon
the cashless exercise of warrants issued by Gray Peak prior to the Merger valued
at $120,000, $120,000, $40,000 and $40,000, respectively.
Item 5(a) and (b) are amended in their entirety to read as follows:
Item 5. Interest in Securities of the Issuer.
(a) The following table sets forth the aggregate number and
percentage (based on 42,698,649 shares of Common Stock outstanding as of June
30, 1998 as reported by a representative of the Issuer and 641,849 shares of
Common Stock issued
- ----------------
(2) Reference is made to Item 5(c) regarding the issuance to certain
Reporting Persons of certain shares of Common Stock upon the exchange
of shares of Gray Peak Common Stock (as hereinafter defined) pursuant
to the Merger.
<PAGE>
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CUSIP No. 917327 10 8 13D Page 35 of 43 Pages
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in July 1998 pursuant to the Merger Agreement) of Common Stock beneficially
owned by each Reporting Person named in Item 2 of Schedule 13D.
<TABLE>
<CAPTION>
Percentage of
Shares of Common Shares of Common
Stock Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
<S> <C> <C>
Wheatley Partners, L.P.(1) 1,794,582 4.1
Barry Rubenstein(2)(5) 2,723,802 6.3
Irwin Lieber(2) 2,560,647 5.9
Barry Fingerhut(2) 2,526,024 5.8
Wheatley Partners, LLC(3) 1,794,582 4.1
Seth Lieber(3) 1,806,123 4.2
Jonathan Lieber(3) 1,806,123 4.2
Wheatley Management Ltd.(4) 150,383 0.3
Wheatley Foreign Partners, L.P.(3) 1,794,582 4.1
Woodland Partners 163,155 0.4
Marilyn Rubenstein(5) 163,155 0.4
21st Century Communications 731,442 1.7
Partners L.P.(6)
21st Century Communications T-E 731,442 1.7
Partners L.P.(6)
21st Century Communications 731,442 1.7
Foreign Partners L.P.(6)
Sandler Investment Partners, 731,442 1.7
L.P.(6)
Sandler Capital Management(6) 731,442 1.7
ARH Corp.(6) 731,442 1.7
ALSI, LLC(6) 731,442 1.7
MJDM Corp.(6) 731,442 1.7
Four JK Corp.(6) 731,442 1.7
InfoMedia Associates, Ltd.(6) 731,442 1.7
Harvey Sandler(6) 731,442 1.7
Andrew Sandler(6) 731,442 1.7
Michael Marocco(6) 731,442 1.7
John Kornreich(6) 731,442 1.7
</TABLE>
- ---------------------
(1) Includes (i) 140,321 shares of Common Stock and (ii) 10,062 shares of
Common Stock issuable upon exercise of currently exercisable warrants
held by Wheatley Foreign. Wheatley disclaims beneficial ownership of
these securities.
<PAGE>
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CUSIP No. 917327 10 8 13D Page 36 of 43 Pages
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(2) Includes (a)(i) 1,533,489 shares of Common Stock and (ii) 110,710
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley (b)(i) 140,321 shares of Common Stock and
(ii) 10,062 shares of Common Stock issuable upon exercise of currently
exercisable warrants held by Wheatley Foreign, (c)(i) 359,436 shares of
Common Stock and (ii) 136,473 shares of Common Stock issuable upon
exercise of currently exercisable warrants held by 21st Century, (d)(i)
122,229 shares of Common Stock and (ii) 46,417 shares of Common Stock
issuable upon exercise of currently exercisable warrant held by 21st
Century T-E, and (e)(i) 48,489 shares of Common Stock and (ii) 18,398
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century Foreign. Each of Mr. Rubenstein, Mr. I.
Lieber and Mr. Fingerhut disclaims beneficial ownership of these
securities except to the extent of his respective equity interest
therein.
(3) Includes (a)(i) 1,533,489 shares of Common Stock and (ii) 110,710
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley (b)(i) 140,321 shares of Common Stock and
(ii) 10,062 shares of Common Stock issuable upon exercise of currently
exercisable warrants held by Wheatley Foreign. Each of Wheatley LLC,
Mr. S. Lieber, Mr. J. Lieber and Wheatley Foreign disclaims beneficial
ownership of these securities except to the extent of his/its
respective equity interest therein.
(4) Includes (i) 140,321 shares of Common Stock and (ii) 10,062 shares of
Common Stock issuable upon exercise of currently exercisable warrants
held by Wheatley Foreign. Wheatley Management disclaims beneficial
ownership of these securities except to the extent of its equity
interest therein.
(5) Consists of 163,155 shares of Common Stock held by Woodland Partners.
Each of Mr. and Ms. Rubenstein disclaims beneficial ownership of these
securities except to the extent of his/her respective equity interest
therein.
(6) Includes (a)(i) 359,436 shares of Common Stock and (ii) 136,473 shares
of Common Stock issuable upon exercise of currently exercisable
warrants held by 21st Century, (b)(i) 122,229 shares of Common Stock
and (ii) 46,417 shares of Common Stock issuable upon exercise of
currently exercisable warrant held by 21st Century T-E, and (c)(i)
48,489 shares of Common Stock and (ii) 18,398 shares of Common Stock
issuable upon exercise of currently exercisable warrants held by 21st
Century Foreign. Each of 21st Century, 21st Century T- E, 21st Century
Foreign, Sandler Investment, Sandler Capital, ARH Corp., ALSI, LLC,
MJDM Corp., Four JK Corp., InfoMedia Associates, Mr. H. Sandler, Mr. A.
Sandler, Mr. Marocco and Mr. Kornreich disclaim beneficial ownership of
these securities except to the extent of his/its respective equity
interest therein.
(b) Wheatley has sole power to vote and dispose of 1,644,199
shares of Common Stock, representing approximately 3.8% of the outstanding
shares of Common Stock and may be deemed to have shared power to vote and
dispose of 150,383 shares of Common Stock, representing less than 1% of the
outstanding shares of Common Stock.
Wheatley Foreign has sole power to vote and dispose of 150,383 shares
of Common Stock, representing less than 1% of the outstanding shares of Common
Stock and may be deemed to have shared power to vote and dispose of 1,644,199
shares of Common Stock, representing approximately 3.8% of the outstanding
shares of Common Stock.
By virtue of being a general partner of Wheatley Foreign, Wheatley
Management may be deemed to have shared power to vote and dispose of 150,383
shares of Common Stock, representing less than 1% of the outstanding shares of
Common Stock.
By virtue of being the general partner of Wheatley and a general
partner of Wheatley Foreign, Wheatley LLC may be deemed to have shared power to
vote and
<PAGE>
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CUSIP No. 917327 10 8 13D Page 37 of 43 Pages
- ----------------------------- ------------------------------
dispose of 1,794,582 shares of Common Stock, representing approximately 4.1% of
the outstanding shares of Common Stock.
Barry Rubenstein has sole power to vote and dispose of 34,623 shares of
Common Stock, representing less than 1% of the outstanding shares of Common
Stock and by virtue of his being a member and an officer of Wheatley LLC, a
shareholder, officer and director of InfoMedia and a general partner of Woodland
Partners, Mr. Rubenstein may be deemed to have shared power to vote and dispose
of 2,689,179 shares of Common Stock, representing approximately 6.2% of the
outstanding shares of Common Stock.
Irwin Lieber has sole power to vote and dispose of 34,623 shares of
Common Stock, representing less than 1% of the outstanding shares of Common
Stock and by virtue of his being a member and an officer of Wheatley LLC, and a
shareholder, officer and director of InfoMedia, Mr. Lieber may be deemed to have
shared power to vote and dispose of 2,526,024 shares of Common Stock,
representing approximately 5.8% of the outstanding shares of Common Stock.
By virtue of his being a member of Wheatley LLC, and a shareholder,
officer and director of InfoMedia, Barry Fingerhut may be deemed to have shared
power to vote and dispose of 2,526,024 shares of Common Stock, representing
approximately 5.8% of the outstanding shares of Common Stock.
Jon Lieber has sole power to vote and dispose of 11,541 shares of
Common Stock, representing less than 1% of the outstanding shares of Common
Stock and by virtue of his being a member and an officer of Wheatley LLC, Mr.
Lieber may be deemed to have shared power to vote and dispose of 1,794,582
shares of Common Stock, representing approximately 4.1% of the outstanding
shares of Common Stock.
Seth Lieber has sole power to vote and dispose of 11,541 shares of
Common Stock, representing less than 1% of the outstanding shares of Common
Stock and by virtue of his being a member and an officer of Wheatley LLC, Mr.
Lieber may be deemed to have shared power to vote and dispose of 1,794,582
shares of Common Stock, representing approximately 4.1% of the outstanding
shares of Common Stock.
Woodland Partners has sole power to vote and dispose of 163,155 shares
of Common Stock, representing less than 1% of the outstanding shares of Common
Stock.
By virtue of her being a general partner of Woodland Partners, Marilyn
Rubenstein may be deemed to have shared power to vote and dispose of 130,612
shares of Common Stock, representing less than 1% of the outstanding shares of
Common Stock.
21st Century Partners has sole power to vote and dispose of 495,909
shares of Common Stock, representing approximately 1.1% of the outstanding
shares of Common Stock and may be deemed to have shared power to vote and
dispose of 235,533 shares of Common Stock, representing less than 1% of the
outstanding shares of Common Stock.
21st Century T-E has sole power to vote and dispose of 168,646 shares
of Common Stock, representing less than 1% of the outstanding shares of Common
Stock and may be deemed to have shared power to vote and dispose of 562,796
shares of Common Stock, representing approximately 1.3% of the outstanding
shares of Common Stock.
21st Century Foreign has sole power to vote and dispose of 66,887
shares of Common Stock, representing less than 1% of the outstanding shares of
Common Stock and may be deemed to have shared power to vote and dispose of
664,555 shares of Common Stock, representing approximately 1.5% of the
outstanding shares of Common Stock.
By virtue of his being the sole shareholder of ARH Corp., Harvey
Sandler may be deemed to have shared power to vote and dispose of 731,442 shares
of Common Stock, representing approximately 1.7% of the outstanding shares of
Common Stock.
<PAGE>
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CUSIP No. 917327 10 8 13D Page 38 of 43 Pages
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By virtue of his being the majority member of ALSI, LLC, Andrew Sandler
may be deemed to have shared power to vote and dispose of 731,442 shares of
Common Stock, representing approximately 1.7% of the outstanding shares of
Common Stock.
By virtue of his being the sole shareholder of MJDM Corp., Michael
Marocco may be deemed to have shared power to vote and dispose of 731,442 shares
of Common Stock, representing approximately 1.7% of the outstanding shares of
Common Stock.
By virtue of his being the majority shareholder of Four JK Corp., John
Kornreich may be deemed to have shared power to vote and dispose of 731,442
shares of Common Stock, representing approximately 1.7% of the outstanding
shares of Common Stock.
By virtue of being a general partner of 21st Century Partners, 21st
Century T-E and 21st Century Foreign, Sandler Investment Partners may be deemed
to have shared power to vote and dispose of 731,442 shares of Common Stock,
representing approximately 1.7% of the outstanding shares of Common Stock.
By virtue of being a general partner of Sandler Investment Partners,
Sandler Capital Management may be deemed to have shared power to vote and
dispose of 731,442 shares of Common Stock, representing approximately 1.7% of
the outstanding shares of Common Stock.
By virtue of being a general partner of Sandler Capital Management, ARH
Corp. may be deemed to have shared power to vote and dispose of 731,442 shares
of Common Stock, representing approximately 1.7% of the outstanding shares of
Common Stock.
By virtue of being a general partner of Sandler Capital Management,
ALSI, LLC may be deemed to have shared power to vote and dispose of 731,442
shares of Common Stock, representing approximately 1.7% of the outstanding
shares of Common Stock.
By virtue of being a general partner of Sandler Capital Management,
MJDM Corp. may be deemed to have shared power to vote and dispose of 731,442
shares of Common Stock, representing approximately 1.7% of the outstanding
shares of Common Stock.
By virtue of being a general partner of Sandler Capital Management,
Four JK Corp. may be deemed to have shared power to vote and dispose of 731,442
shares of Common Stock, representing approximately 1.7% of the outstanding
shares of Common Stock.
By virtue of being a general partner of 21st Century Partners, 21st
Century T-E and 21st Century Foreign, InfoMedia Associates may be deemed to have
shared power to vote and dispose of 731,442 shares of Common Stock, representing
approximately 1.7% of the outstanding shares of Common Stock.
Item 5(c) is supplemented as follows:
(c) The following table sets forth a description of all
transactions in shares of Common Stock of the Issuer by the Reporting Persons
identified in Item 2 of this Schedule 13D effected in the last sixty days and
following the date of the Schedule 13D.
Number of
Acquisition Shares
Reporting Person Date Acquired Consideration(1)
- ---------------- ------ -------- ----------------
Wheatley 7/13/98 221,737 $24.3875
Wheatley Partners 7/13/98 32,543 24.3875
Woodland Foreign 7/13/98 20,569 24.3875
Barry Rubenstein 7/13/98 8,645 24.3875
Irwin Lieber 7/13/98 8,645 24.3875
Seth Lieber 7/13/98 2,882 24.3875
Jonathan Lieber 7/13/98 2,882 24.3875
<PAGE>
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CUSIP No. 917327 10 8 13D Page 39 of 43 Pages
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Number of
Acquisition Shares
Reporting Person Date Acquired Consideration(1)
- ---------------- ------ -------- ----------------
21 Century Partners 7/28/98 91,534 $20.7407
21 Century Partners 7/29/98 30,511 $20.00
21 Century Partners 7/30/98 47,462 $20.00
21 Century Partners 8/04/98 16,951 $20.00
21st Century T-E 7/28/98 31,143 $20.7407
21st Century T-E 7/29/98 10,380 $20.00
21st Century T-E 7/30/98 16,150 $20.00
21st Century T-E 8/04/98 5,767 $20.00
21st Century Foreign 7/28/98 12,323 $20.7407
21st Century Foreign 7/29/98 4,109 $20.00
21st Century Foreign 7/30/98 6,388 $20.00
21st Century Foreign 8/04/98 2,282 $20.00
- --------------------
(1) The Reporting Persons set forth above acquired the shares of Common Stock
pursuant the Merger Agreement as reported in the Schedule 13D. Pursuant to
an exchange ratio of .32953 shares of the Issuer for each Gray Peak Common
Stock (or $24.3875 per share of Common Stock of the Issuer).
<PAGE>
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CUSIP No. 917327 10 8 13D Page 40 of 43 Pages
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SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: August 14, 1998 WHEATLEY PARTNERS, L.P.
By: Wheatley Partners, LLC,
General Partner
By: /s/ Barry Rubenstein
-----------------------
Barry Rubenstein, Chief Executive
Officer
WHEATLEY PARTNERS, LLC
By: /s/ Barry Rubenstein
----------------------
Barry Rubenstein, Chief Executive
Officer
/s/ Barry Rubenstein
--------------------
Barry Rubenstein
/s/ Irwin Lieber
----------------
Irwin Lieber
/s/ Barry Fingerhut
-------------------
Barry Fingerhut
/s/ Seth Lieber
---------------
Seth Lieber
/s/ Jonathan Lieber
-------------------
Jonathan Lieber
<PAGE>
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CUSIP No. 917327 10 8 13D Page 41 of 43 Pages
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WHEATLEY MANAGEMENT LTD.
By: /s/ Irwin Lieber
-----------------------------
Irwin Lieber, President
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners, LLC, General
Partner
By: /s/ Barry Rubenstein
-----------------------------
Barry Rubenstein, Chief Executive
Officer
WOODLAND PARTNERS
By: /s/ Barry Rubenstein
-----------------------------
Barry Rubenstein, a General Partner
/s/ Marilyn Rubenstein
-----------------------------
Marilyn Rubenstein
INFOMEDIA ASSOCIATES, LTD.
By: /s/ Barry Rubenstein
-----------------------------
Barry Rubenstein, President
21ST CENTURY COMMUNICATIONS PARTNERS, L.P.
By: Sandler Investment Partners, L.P.,
General Partner
By: Sandler Capital Management, General
Partner
By: ARH Corp., General Partner
By: /s/ Edward Grinacoff
-----------------------------
Edward Grinacoff, Secretary and
Treasurer
21ST CENTURY COMMUNICATIONS T-E PARTNERS,
L.P.
By: Sandler Investment Partners, L.P.,
General Partner
By: Sandler Capital Management, General
Partner
By: ARH Corp., General Partner
By: /s/ Edward Grinacoff
-----------------------------
Edward Grinacoff, Secretary and
Treasurer
<PAGE>
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CUSIP No. 917327 10 8 13D Page 42 of 43 Pages
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21ST CENTURY COMMUNICATIONS FOREIGN
PARTNERS, L.P.
By: Sandler Investment Partners, L.P.,
General Partner
By: Sandler Capital Management, General
Partner
By: ARH Corp., General Partner
By: /s/ Edward Grinacoff
-------------------------------------
Edward Grinacoff, Secretary and
Treasurer
SANDLER INVESTMENT PARTNERS, L.P.
By: Sandler Capital Management, General
Partner
By: ARH Corp., General Partner
By: /s/ Edward Grinacoff
-------------------------------------
Edward Grinacoff, Secretary and
Treasurer
SANDLER CAPITAL MANAGEMENT
By: ARH Corp., General Partner
By: /s/ Edward Grinacoff
--------------------------------------
Edward Grinacoff, Secretary and
Treasurer
ARH CORP.
By: /s/ Edward Grinacoff
--------------------------------------
Edward Grinacoff, Secretary and
Treasurer
ALSI, LLC
By: /s/ Andrew Sandler
--------------------------------------
Andrew Sandler, Member
MJDM CORP.
By: /s/ Michael Marocco
--------------------------------------
Michael Marocco, Shareholder
<PAGE>
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CUSIP No. 917327 10 8 13D Page 43 of 43 Pages
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FOUR JK CORP.
By: /s/ John Kornreich
------------------------------------
John Kornreich, Shareholder
/s/ Harvey Sandler
----------------------------------------
Harvey Sandler
/s/ Andrew Sandler
----------------------------------------
Andrew Sandler
/s/ Michael Marocco
----------------------------------------
Michael Marocco
/s/ John Kornreich
----------------------------------------
John Kornreich
